| ody"> | | | | number. This is referred to in the catalogue and |
| Auctions can be great fun to attend. You can get in on | | | | described by the auctioneer as a lot. Second, a |
| the bidding or just watch the action. But, before you | | | | number of small items such as a collection of costume |
| start bidding, make sure you know how to get the | | | | jewelry can be grouped together and sold as a lump |
| best buy. Keep these tips in mind at your next auction. | | | | sum. This, too, is referred to as a lot. |
| 1. Start By Observing | | | | · Absentee Bid - Bidders do not have to |
| One of the best ways to learn is by observation. | | | | physically be in the auction house at the time of the |
| Attend a couple of auctions with the intention to simply | | | | auction to bid. Bids can be placed by phone, fax or |
| watch and learn. You'll get the feel for how things | | | | online. Arrangements must be made before hand to |
| work and be prepared to avoid costly mistakes. | | | | place an absentee bid. |
| 2. Attend the Preview | | | | 5. Read the Auction Catalogue |
| The preview can be held a few days before the | | | | Get the auction catalogue and read it thoroughly. It will |
| auction or just a few hours before the auction begins. | | | | list the lots in selling order. The catalogue may be a |
| It is open to the public and free of charge. This is your | | | | hard copy or available online. |
| chance to look items over thoroughly and to get up | | | | 6. Register For Auction |
| close to see any damage or problems with an item. | | | | To bid at an auction, you need to register before the |
| 3. Be Prepared | | | | auction begins. You give your name, address and |
| Know what you are looking at. Here's where | | | | phone number and may be required to make a |
| reference books and price guides and the internet | | | | deposit. In return, you receive a bidding number. This |
| come in handy. Doing the legwork before hand, | | | | helps the auction house keep track of who won what |
| increases the likelihood that you will pay a fair price at | | | | item. |
| auction. Not doing so, can lead to disaster. | | | | 7. Stay Cool Once the Bidding Begins |
| 4. Learn the Terminology | | | | Before the bidding begins, decide want to bid on and |
| There are a few terms that you need to understand | | | | what you want to pay for it. Stick to your plan. I'll say it |
| so that you get the best buy at an auction. | | | | again - stick with your plan. Don't get into a bidding war. |
| · Pre-sale estimate - The auction house bases | | | | You may be sorry if buyer's remorse kicks in. |
| this price on their past experience. It the price they | | | | 8. Know About Additional Costs |
| expect the item to sell for. | | | | Often auction houses charge a buyer's premium. It is |
| · Provenance - It is the history of the piece | | | | an additional surcharge that the auction house adds to |
| detailing past owners. This information is not always | | | | the hammer price, taxes are calculated after these |
| available, but it can be a juicy tidbit depending on the | | | | two are added. |
| owner. | | | | 9. After-Sale Bid |
| · Start Price - This is the price at which the | | | | If a lot doesn't sell, ask if the auction accepts after-sale |
| auction will begin. | | | | bids (a reasonable offer that a bidder makes after the |
| · Reserve Price - This is a pre-set amount that | | | | auction closes for an item that did not sell). Some |
| the seller has agreed is the lowest amount he/she will | | | | auction houses allow it. |
| accept. Not all items will have a reserve. | | | | 10. Find Out About Payment And Shipping |
| Keep in mind items with no reserve will sell even if | | | | Make sure you know before hand what forms of |
| there is only one bid at the start price. When bidding on | | | | payment are accepted. If your purchase is big, have a |
| items with no reserve, if you win, you pay. | | | | plan for how you'll get it home. Auction houses will hold |
| On the other hand, items with a reserve will only sell if | | | | on to your item while you arrange for moving it. But |
| the reserve price has been met. You'll find out if the | | | | storage fees may be charge. |
| reserve has been met, after the bidding is completed. | | | | 11. Attend Midweek Sales |
| The reserve price is not disclosed at the close of | | | | Midweek sales can be less crowded than weekend |
| bidding. | | | | sales. Less competition may lead to better deals. |
| · As-Is - Just as it sounds, as-is means the | | | | 12. Attend A Variety of Auctions |
| items is selling in the condition that is currently in. It likely | | | | Don't discount an auction that is not geared to your |
| means that the item is a fixer-upper or needs work in | | | | area of interest. An office furniture auction will likely |
| some way. | | | | have computers, filing cabinets and basic office |
| · Hammer Price - This is the price that the item | | | | furniture but there may be the odd piece of antique |
| sells for when the gavel comes down. | | | | furniture. You'll find this out at the preview. At this |
| · Conditions of Sale - This refers to the terms | | | | office furniture auction, most attendees will be seeking |
| and conditions of the sale including any warranties, | | | | the computers and filing cabinets. There may not be |
| special instructions etc. | | | | as many attendees interested in the antique furniture. |
| · Lots - There are two meanings for lot at an | | | | So, you may come away with a great deal. |
| auction. First, all items up for auction are assigned a | | | | |